Price for Textiles; Worn Clothing and Other Worn Articles in the Philippines - 2023
Contents:
- Price for Textiles; Worn Clothing and Other Worn Articles in the Philippines (CIF) - 2023
- Price for Textiles; Worn Clothing and Other Worn Articles in the Philippines (FOB) - 2022
- Imports of Textiles; Worn Clothing and Other Worn Articles in the Philippines
- Exports of Textiles; Worn Clothing and Other Worn Articles in the Philippines
Price for Textiles; Worn Clothing and Other Worn Articles in the Philippines (CIF) - 2023
The average import price for textiles; worn clothing and other worn articleses stood at $334 per ton in December 2023, surging by 1.9% against the previous month. Over the last twelve months, it increased at an average monthly rate of +3.0%. The pace of growth appeared the most rapid in March 2023 when the average import price increased by 30% m-o-m. Over the period under review, average import prices attained the peak figure at $364 per ton in July 2023; however, from August 2023 to December 2023, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was Japan ($810 per ton), while the price for the United States ($165 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Japan (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Textiles; Worn Clothing and Other Worn Articles in the Philippines (FOB) - 2022
The average export price for textiles; worn clothing and other worn articleses stood at $301 per ton in 2022, which is down by -5.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 118% against the previous year. As a result, the export price attained the peak level of $495 per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($632 per ton), while the average price for exports to the United Arab Emirates ($258 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+4.3%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Textiles; Worn Clothing and Other Worn Articles in the Philippines
In 2022, approx. 87K tons of textiles; worn clothing and other worn articleses were imported into the Philippines; surging by 13% compared with the previous year. Over the period under review, imports, however, saw a abrupt setback. The growth pace was the most rapid in 2021 with an increase of 13%.
In value terms, imports of textiles; worn clothing and other worn articleses totaled $23M in 2022. In general, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year.
| Import of Textiles; Worn Clothing and Other Worn Articles in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 8.6 | 6.0 | 8.2 | 6.0 | -11.3% |
| Hong Kong SAR | 2.3 | 0.9 | 0.9 | 4.8 | 27.8% |
| South Korea | 6.0 | 5.7 | 5.0 | 3.5 | -16.4% |
| United States | 4.3 | 2.6 | 3.7 | 3.0 | -11.3% |
| China | 2.3 | 1.0 | 0.9 | 2.1 | -3.0% |
| Pakistan | 1.3 | 0.7 | 1.3 | 1.3 | 0.0% |
| Malaysia | 1.8 | 1.4 | 0.5 | 0.5 | -34.8% |
| Others | 1.4 | 0.9 | 1.0 | 1.4 | 0.0% |
| Total | 28.0 | 19.3 | 21.5 | 22.7 | -6.8% |
Top Suppliers of Textiles; Worn Clothing and Other Worn Articles to the Philippines in 2022:
- Japan (22.3K tons)
- Hong Kong SAR (18.0K tons)
- United States (14.1K tons)
- South Korea (13.1K tons)
- China (6.8K tons)
- Pakistan (4.8K tons)
- Malaysia (2.2K tons)
Exports of Textiles; Worn Clothing and Other Worn Articles in the Philippines
Exports of textiles; worn clothing and other worn articleses from the Philippines surged to 58K tons in 2022, growing by 23% on 2021. Overall, total exports indicated a pronounced expansion from 2019 to 2022: its volume increased at an average annual rate of +4.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 46%. Over the period under review, the exports of hit record highs in 2022 and are likely to see gradual growth in years to come.
In value terms, exports of textiles; worn clothing and other worn articleses soared to $18M in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 39% against the previous year.
| Export of Textiles; Worn Clothing and Other Worn Articles in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 3.6 | 2.4 | 3.8 | 5.7 | 16.6% |
| Pakistan | 3.5 | 1.8 | 3.1 | 4.0 | 4.6% |
| India | 2.0 | 1.0 | 1.5 | 2.0 | 0.0% |
| United Arab Emirates | 1.0 | 0.5 | 0.9 | 1.2 | 6.3% |
| Cambodia | 1.0 | 0.8 | 0.8 | 1.1 | 3.2% |
| Thailand | 1.4 | 1.1 | 0.9 | 1.0 | -10.6% |
| Malaysia | 1.3 | 1.5 | 2.2 | 0.9 | -11.5% |
| Others | 4.3 | 1.7 | 1.8 | 1.7 | -26.6% |
| Total | 18.1 | 10.9 | 15.2 | 17.6 | -0.9% |
Top Export Markets for Textiles; Worn Clothing and Other Worn Articles from the Philippines in 2022:
- Hong Kong SAR (21.3K tons)
- Pakistan (15.0K tons)
- India (7.8K tons)
- United Arab Emirates (4.7K tons)
- Malaysia (3.0K tons)
- Cambodia (1.9K tons)
- Thailand (1.9K tons)
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